In last week's column, Mary Rebman, owner of Triumph Electric of Appleton, talked about her journey in taking over a business in 2005 that was $1.7 million in debt.
Working with SCORE mentor Tony Busch of the Fox Cities Chapter, Rebman turned the business around. In May 2012, the business was debt-free.
Busch, who saw the importance of cash flow management during his 30 years in the banking industry, was an excellent match for Rebman. Owner of Prior Cash Flow Management LLC, a business he founded in 2003, Busch says it's his goal to provide motivated business owners with the ability to apply the financial principles that will improve their business. He saw that motivation in Rebman.
"I was given the assignment for a first meeting with Mary through the SCORE office and I missed it," Busch recalled. "When I rescheduled and showed up with doughnuts the next day, she said, 'Where were you? You were supposed to be here yesterday.' My first impression was she says what she thinks and is as honest as the day is long."
For Rebman, with no experience in running a business, Busch started with the basics. He saw a company that was in bad shape. Issues included unpaid bills, wasted money on employees, unnecessary equipment and negative cash flow.